Market Dynamics: What's Driving the Electric Enclosure Market to 7.91 Billion USD?

According to a recent MarketsandMarketsTM market research analysis, the worldwide Electric Enclosure Market is expected to grow significantly. With a compound annual growth rate (CAGR) of 6.27%, the market is expected to rise from its 2018 valuation of USD 6.15 billion to USD 7.91 billion by 2023. Mounting type, form factor, material, and industrial verticals like power generation, oil & gas, metals & mining, medical, pulp & paper, food & beverage, and transportation are some of the variables that are credited with this increase. These results demonstrate the market's promise and importance across several industrial sectors in the upcoming years.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6953934

Electric Enclosure Market

A number of significant variables are anticipated to propel the expansion of the electric enclosure market. The requirement to protect and house electrical components is crucial in the renewable energy sector, which is one major driver of the growing demand for enclosures. Strict safety and process requirements are also driving consumers to look for enclosures that comply with these requirements, highlighting how crucial compliance and safety are across a range of industries. The market is expanding as a result of the growing emphasis on connected cities in emerging nations, since these programmes need for safe and dependable electrical enclosures to support their connection and infrastructure requirements. Taken together, these elements highlight the market's optimistic future and its applicability in meeting changing industrial demands. 

The power generation & distribution industry is expected to lead the electric enclosure market between 2017 and 2023

From 2017 to 2023, the power generation and distribution industry is anticipated to lead the electric enclosure market. This dominance is explained by the vital role electric enclosures play in protecting vital electronics and equipment in this sector of the economy. Particularly in energy-generating plants, these enclosures are made to withstand harsh climatic conditions, guaranteeing the safety of electronic equipment and end users alike. Electric enclosures are also essential for shielding circuitry in power transmission and distribution applications from outside damage. Throughout the projection period, the Asia-Pacific (APAC) region is anticipated to drive demand for electric enclosures in the power generation and distribution segment, highlighting the region's critical significance in this market sector.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/electrical-enclosure-market-6953934.html

The market for underground electric enclosures is expected to grow at the highest CAGR between 2018 and 2023

Out of all the mounting kinds, the market for underground electric enclosures is predicted to expand at the fastest compound annual growth rate (CAGR) from 2018 to 2023. The main reasons for this increase are the benefits of subterranean enclosures, which include low maintenance costs and growing use in the power transmission industry, especially for subterranean electrical line wiring. Subterranean electric enclosures are a popular option due to their affordability and appropriateness, which has fueled their rapid industrial expansion and highlighted their importance in supporting power transmission networks.

APAC expected to lead the electric enclosure market between 2018 and 2023

Between 2018 and 2023, the Asia-Pacific (APAC) region is projected to lead the electric enclosure market. The region's highest market share is credited with this leadership position, which is mostly due to the rising demand for energy and power in both the residential and commercial sectors. Due to the region's increasing urbanisation and population expansion, APAC has experienced substantial growth in energy consumption, which highlights its critical position in the electric enclosure market. During the projection period, APAC is expected to be a major market for electric enclosures due to the tight correlation between the important requirements of guaranteeing the safety and dependability of electrical equipment and the demand for these enclosures.

Rittal (Germany), Schneider (France), Pentair (UK), Emerson (US), Eaton (US), ABB (Switzerland), Hammond (Canada), and AZZ (US) are the major industry players in the electric enclosure market.

News Covered:

https://www.prnewswire.com/in/news-releases/electric-enclosure-market-worth-791-billion-usd-by-2023-675658923.html 

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. 

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. 

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com

Comments

Post a Comment

Popular posts from this blog

Trends Shaping the Environmental Test Chambers Market

The   Environmental Test Chambers Market Size  is expected to rise steadily; estimates show that it will reach USD 938 million by 2024 from USD 842 million in 2019, a compound annual growth rate (CAGR) of 2.18%. The most recent market research report outlines this growth trajectory and highlights the several variables that are driving this expansion. A variety of industrial verticals, including aerospace and defence, automotive, telecommunications, and electronics, are served by the market's segmentation based on type, which includes temperature and humidity chambers, customised chambers, and thermal shock chambers. Over the course of the forecast period, factors like strict regulatory requirements, rising need for dependable testing solutions, and technical developments in environmental testing equipment are anticipated to drive market expansion. Download PDF Brochure @  https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107895228 The environmental test chambers mar...
Read more

Microwave Revolution: Unraveling the Monolithic Microwave IC Market

Image
The   Monolithic Microwave IC Market  showed strong growth, reaching a worth of USD 9.7 billion in 2022 and expected to reach USD 17.0 billion by 2027. It is anticipated that the market would expand at a notable compound annual growth rate (CAGR) of 11.9% from 2022 to 2027. This growth trend shows how Monolithic Microwave Integrated Circuits (MMICs) are becoming more and more popular in a variety of industries. MMICs are essential parts of applications like consumer electronics, aircraft, defence, and telecommunications because of their small size and excellent performance at microwave frequencies. Technological developments, the growing need for high-frequency communication systems, and the extensive use of MMICs in developing technologies are the main factors propelling the market's growth. The MMIC market is expanding significantly due to a number of important factors. The smartphone industry is a major trigger for the spike in demand for Monolithic Microwave Integrated Cir...
Read more

Empowering Connectivity: RF Gallium Nitride Market on Track for $2.8 Billion by 2028

With a projected value of USD 2.8 billion by 2028, the global   RF Gallium Nitride (GaN) Market   is expected to experience significant expansion from its estimated USD 1.5 billion valuation in 2023. Over the course of the forecast period, this projected growth translates into a strong compound annual growth rate (CAGR) of 12.9%. Technological developments, the growing need for high-frequency and high-power devices, and the broad use of GaN technology in a variety of industries, including the automotive, aerospace and defence, and telecommunications sectors, are all considered contributing factors to the market value increase. The market is anticipated to experience substantial growth in the upcoming years as GaN continues to establish itself as a favoured material for RF applications because of its excellent qualities, such as high electron mobility and thermal stability. Download PDF Brochure:   https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=183000597 There are...
Read more